TUI DAIRY COMPANY

Manawatu Standard, Volume LXV, Issue 227, 24 August 1945, Page 8

TUI DAIRY COMPANY

ANNUAL MEETING. Mr jj. Boyce, chairman of directors, presided over a good attendance of suppliers at the annual meeting of the '.tui j Co-operative Dairy Coy., Ltd., which was ' held at Oroua Downs. The report stated I that the 1943-44 season’s linal payout was 18.3425 d. At Juno 30, 1945, tliere were 3/8 crates of cheese of various grades unsold and these had been valued at the guaranteed price for the respective grades. During the past season the monthly advance was l/.012d tor all butterfat. 'iho directors recommended a further payment of 1.75 d; this would absorb the sum ol £lBlB 7s lCfd, making the average payment 18.762 d for all grades of butterfat over the whole season, and would leave the sum of £47 18s 4cl to be transferred to the appropriation account, which, toi gether with the balance of £427 17s lOd, would leave £475 16s 2d in the account to be disposed of. In moving the adoption of the report and balance-sheet, Mr Boyce reviewed the operations of the company. He said £259" 15s 5d had been allowed for depreciation this year and the reserve was ample to cover any lose. The ordinary account at the bank was overdrawn by £lO2 2s Bd, | whereas last year it was in credit £251 Os 6d. The adverse position was due to the fact that there was a largo amount of cheese in cool store against which they had yet to be paid by the Marketing Department. The plant account had been increased by £lO5 11s lid, representing the | purchase of an air unit. 'lho stock of manufacturing requisites showed a reduction of £420 4s lid. This was due to the fact that the war situation was much improved and it was not now necessary to hold such large stocks. Production for the year was 282 tons 2cwt 2qrs 231 b, an | increase of 39 tons 17c\vt 2qrs 91b on \ (he previous year’s figures. 'I he cost of manufacturing requisites showed a decrease of .288 d. which was clue largely to (he increased wages allowance received from Hie Marketing Department. Mr Boyce quoted figures showing that the cost to f.o.b. (not including depreciation) of manufacturing cheese had risen from 10s 4d a cwt in. 1933-34 to 13s 4cl | in 1944-45, after allowing for factory costs and wages allowance. Ail allowance of .375(1 was made by the department to cover factory and wages costs and it had ' now made an additional allowance of .35(1 j to cover an increase of salary to the ! secretary and the manager and further wages costs, making a total of .725 d to cover all increases. The directors’ recommendation that a final payment of lild per lb on butterfat bo made was confirmed. Mr \V. O. Scott, the retiring director, was the only one nominated for the vacancy and was reelected. Mr S. M. Ilobbs was reappointed auditor. At a subsequent meeting of directors Mr Boyce was re-elected chairman.